Entegra to Enter South Carolina Through Branch Moves

Community banking

BNC Bancorp in N.C. to Buy Southcoast in S.C.

BNC Bancorp in High Point, N.C., has agreed to buy Southcoast Financial in Mount Pleasant, S.C., for $95.5 million in stock.

By Jacob Passy

August 14
Community banking

Community Banks in Virginia, North Carolina Rebranded

Union Bankshares in Richmond, Va., and Entegra Financial in Franklin, N.C., are rebranding their banks.

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February 17
Community banking

Entegra in N.C. Aims to Raise $50M in Stock Conversion

Entregra Financial in Franklin, N.C., has filed to sell nearly $50 million in common stock as part of it planned conversion to a stock company.

By Paul Davis

March 19

Entegra Financial in Franklin, N.C., has agreed to buy two South Carolina branches from Arthur State Bank in Union, S.C.

The $919 million-asset Entegra will acquire branches in Anderson and Chesnee, S.C. The branches have a combined $42 million in deposits and $9 million in loans. Entegra will pay a 2.87% deposit premium.

The deal will give Entegra its first branches in South Carolina; Entegra will also open a branch later this year in Greenville, S.C.

Entegra converted from a mutual to a stock-owned bank in September. It was formerly named Macon Bank but decided to rename itself this year; it plans to rebrand all its branches to Entegra Bank by the end of next month

The deal in South Carolina would allow the $530 million-asset Arthur to return to a "well-capitalized" status without diluting shareholders, Carlisle Oxner, chief executive, said in a news release. Arthur would operate 18 branches after the sale.

Sandler O'Neill was financial adviser to Entegra, and Brooks, Pierce, McLendon, Humphrey & Leonard was legal counsel. FinPro Capital Advisors gave advice to Arthur, and Adams & Reese was legal counsel.

Andy Peters

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